DENVER (KDVR) — For the 2023 tax year, some Coloradans were lucky to get an $800 check from the state for tax refunds. However, future Taxpayer Bill of Rights or TABOR checks are expected to be much less valuable.
When Coloradans file taxes for the 2024 year, refunds will be based on income. The refund amount is set to range from $181 to $571 for single filers and doubles for joint filers, according to projections reported by the Colorado Legislative Council last week. Here is how TABOR refunds are set up for 2024:
IncomeReturn for single filersReturn for joint filersup to $53,000$181$362$53,000 to $107,000$241$482$107,001 to $172,000$277$554$172,001 to $243,000$330$660$243,001 to $320,000$355$710$320,001 and up$571$1,142Colorado Legislative Council 2024 TABOR refund projections
That amount may shrink even more in future years. No matter how much you make, here are the TABOR refund projections for the next four years for Coloradans:
2025: $41
2026: $73
2027: $74
The refund amounts are expected to decrease as Colorado is expecting less tax revenue in the coming years, according to the Colorado Legislative Council, partially because of a softening economy. Additionally, the income tax rate is decreasing and the state will be spending more money on a tax credit for families.
The report estimates that Colorado’s economy will expand at “a slightly slower pace” in 2025.
